Bitstamp has stopped trading, a cryptocurrency exchange with a legacy dating back to 2011 and headquartered in Luxembourg, and has revealed its definitive plan to halt trading activities for a selection of altcoins, impacting its user base in the United States. This cessation is set to take effect on August 29, 2023.
Bitstamp has stopped trading: Bitstamp, Solana, Polygon, and 5 Other Altcoins for US Clients
The list of affected assets comprises Axie Infinity (AXS), Chiliz (CHZ), Decentraland (MANA), Polygon (MATIC), NEAR Protocol (NEAR), The Sandbox (SAND), and Solana (SOL). Despite its historical standing as the crypto industry’s longest-standing exchange, Bitstamp’s decision to permanently suspend trading for these tokens comes as a notable adjustment within the market. In the preceding 24 hours, Bitstamp has facilitated trading volumes approximating $175 million, as reported by CoinGecko.
Although has not explicitly detailed the rationale behind this sweeping action, there appears to be a veiled connection to recent events involving regulatory scrutiny. The exchange alluded to the U.S. Securities and Exchange Commission’s (SEC) recent classification of these seven tokens as unregistered securities, a matter underscored by the SEC’s actions against Binance and Coinbase.
As of the time of this communication, Bitstamp has not yet responded to Decrypt‘s request for further insights into this decision. This move underscores the evolving landscape of cryptocurrency regulation and its potential impact on exchange operations.
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